The cryptocurrency industry watched in awe as Spot Bitcoin (CRYPTO: BTC) ETF issuer Franklin Templeton handed control of its X (formerly Twitter) account to its “Digital Assets Research Team” on Wednesday, Jan. 17.
What followed encapsulates the culture shift sweeping traditional finance funds.
What Happened: It started with a seemingly innocuous tweet: “Hi everyone, for the next hour+ our account is being taken over by some members of our Digital Assets Research Team!,” announced Franklin Templeton to its 126,000+ X followers on Jan. 17.
It proceeded to add “laser eyes,” a favorite meme of Bitcoin supporters, to its Benjamin Franklin avatar and asked:
You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat
— Franklin Templeton (@FTI_US) January 17, 2024
Avid cryptocurrency followers will understand the reference to dogwifhat, a dog-themed memecoin that has run up to over $400 million in market capitalization within months.
Nic Carter, advisor to the Bitcoin Clean Energy Initiative, wondered “what is happening,” but the account went on a proverbial tear, posting several memes, such as this one gathering 1.4 million impressions:
— Franklin Templeton (@FTI_US) January 17, 2024
It also shared a bullish take on the recent activity in the Solana (CRYPTO: SOL) ecosystem, prompting several media outlets to speculate about the possibility of a Solana exchange-traded fund later down the road.
The spectacle ended after two hours, with the account reporting the original owner “got the reins back.”
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Why It Matters: Reactions to this stunt ranged from surprise over amazement to approval.
James Seyffart of Bloomberg, one of the main reporters on the Spot Bitcoin ETF developments, said “Talk about a pivot.”
Lyn Alden, macro investment analyst and author of “Broken Money,” summed up the culture shift in one sentence: “$1.5 trillion AUM institution out here memeing today.”
Indeed, this brief intermezzo shows a development that has been ongoing for a while: traditional finance institutions accommodating to the culture and lore of the cryptocurrency space.
VanEck, another fund that is home to a Spot Bitcoin ETF, has gathered somewhat of…
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